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07-14-2011, 12:06 AM
  #44
Kind of Blue
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Quote:
Originally Posted by Isle Junkie View Post
This is a MAJOR problem. People simply do not know the facts.
With all due respect, I think I do know the facts here.

Quote:
Originally Posted by Isle Junkie View Post
That $58 is only if not a single person ever shows up to a game or a concert or Disney on Ice EVER. The second they sell their 1st ticket, they'll be paying off the loan. The second they sell their first hot dog they'll be paying off the loan. The deal is either 14 Million Wangbucks OR 11.5% of all total revenue per year, whichever is higher.
It has not been guaranteed anywhere that the $58 will be eliminated or even reduced once the renovated arena opens in Year 3, despite the fact that the county will start receiving revenue from the arena at that point. You also have to keep in mind that the debt service is $26 million per year and there is no guarantee that the county's share of arena revenues will cover that (if fact it almost certainly will not), so it is very safe to assume that the increase will be needed over the life of the loan either in whole or in part.

Quote:
Originally Posted by Isle Junkie View Post
Secondly, the point to the minor league ball park is to generate more summer time revenue for the project.
The only thing certain is the cost, and it is extremely difficult to predict whether the revenue a minor ballpark would generate would justify that investment.

Quote:
Originally Posted by Isle Junkie View Post
Thirdly, and most importantly, even if they build the thing & no one ever shows up, that $58 a year is going to still be a hell of a lot less expensive than the tax increase Nassau county homeowners will be forced to endure when there is a dark empty arena. Where do people think that revenue is going to come from if the Islanders move out? Do you really think without a tenant that building will stay in use?
I did say that it wasn't a terrible deal, but I think a much more favorable deal could have been brought to the taxpayers. And Wang needed to make an initial investment here.

Further, it is a baseless assumption that taxes would be increased if the Islanders left.

Also, it should be pointed out that if the Isles did leave, it would not simply remain a "dark empty arena." Several developers stated interest in developing the land at the site when the original Lighthouse Project was presented. And those developers wouldn't need much if any public money. (That location could also possibly be of interest to MLS, though they certainly would prefer to be in Queens.)

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